MagneGas (MNGA) Stock Jumps After U.S. Navy Order

MagneGas (MNGA) shares gain after the company announces it first order from the U.S. Navy.

NEW YORK (TheStreet) -- Shares of MagneGas (MNGA) were gaining 31.9% to $1.20 on heavy trading volume Friday after the alternative energy company announced its first order from the U.S. Navy.

MagneGas said the U.S. Navy purchased its first order of MagneGas 2 following a demonstration of the cutting fuel. The company was then invited to perform a "hands-on" demonstration and testing session of the fuel.

As part of the demonstration MagneGas performed travel speed tests against acetylene to show the fuel's cutting speed on a 2-inch plate.

"Providing hands-on testing, training and demonstrations underscores this US Navy facility's interest in improving productivity," CEO Ermanno Santilli said in a statement. "The opportunity to help the US Navy turn ships around faster so that our Armed Forces can protect US interests around the globe makes the whole MagneGas team very proud."

About 4.7 million shares of MagneGas were traded by 9:55 a.m. Friday, well above the company's average trading volume of about 710,000 shares a day.